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- 1 The recent Renq Finance chart shows good performance last week.
- 2 The Renq Finance asset is indicating bullishness and upward momentum as it keeps above major trend 20 and 50-Day EMAs.
RenQ Finance (RENQ) is a community-led establishment that was formed to provide a one-stop resolution for all classes of traders under one platform in the DeFi world.
RenQ provides advantages over conventional financial products by wiping the need for a systematized central clearing house, furnishing global and equal access, and permitting users permanent command over their funds.
Renq Finance Price (RENQ Crypto) Technical Analysis
The price action earlier depicted a terrific downfall in RENQ Finance price by creating lower lows and highs on the daily chart. It dipped like a falling knife shattering all nearby support but failed to pierce through the major demand zone area and formed a support at $0.005000.
On the overall chart, it has shown bad performance in the past month, and three months by 7.18%, and 14.29% respectively, highlighting a consistent downward trend.
However, the Renq Finance price has indicated a sign of a major turnaround as the price rose from a critical key level of around $0.005000 on the chart.
Its price action appears like the RENQ crypto is ripe for an upcoming splendid surge, as it harnesses energy to pierce the above resistance level and climb strongly to new altitudes from the current demand zone. In the same way, the Renq Finance price is demonstrating bullishness and upward momentum as it stays above the 20 and 50-Day EMAs, subject to the buyers’ surge, the price could thrust upward strongly from the dynamic supports of these major EMAs as well.
Similarly, the RENQ asset’s technical indicator is exhibiting bullish performance as MACD shows a bullish cross with a growing graph of the histogram. The Renq Finance asset is showing that bulls are gaining control gradually. Likewise, the Renq Finance crypto asset is displaying strong buying characteristics, as sellers are getting weaker over time over the daily chart and bulls can make the price jump higher and extend its gains.
Last week the crypto climbed 23.70%, which is an indicator of the beginning of a consistent upward trend. RENQ declined 1.55% in the last 24 hours and was trading at $0.0067 at press time.
Therefore, if the demand surges abruptly, the Renq Finance asset price could bounce back from the current level. Then the next goal for the price could be to reach $0.01000 and in between resistance could be $0.008950.
Another possibility would be that if the RENQ crypto price fails to stay above the $0.005000 level, it could decline further.
Summary
The Renq Finance crypto has indicated a sign of a major turnaround as the price rose from a critical key level. Moreover, the Renq Finance asset is highlighting bullishness with strong momentum as it stays above the 20 and 50-Day EMAs.
RENQ is displaying strong buying characteristics as sellers are getting weaker over time over the daily chart and bulls could take the price higher, extending gains.
Therefore, if the demand surges abruptly, the RENQ price could bounce back from the current level. Then, the next goal for the price could be to reach $0.01000 with resistance from $0.008950.
Technical Levels
Support Levels: $0.005000
Resistance Levels: $0.008950
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
